It’s beneficial for any business to invest in a bookkeeper. Not only will it save you time so that you can concentrate on the areas of your business which need you most, but done right, you will get an insight into your business which you’ve never seen before. A bookkeeper can analyse your historic data and give you a better understanding of where your business is heading.
Your bookkeeping may be one of the first tasks you choose to outsource. It’s a really straightforward process and not much effort is needed on your part, but what should you look out for when choosing a bookkeeper?
Qualifications
It’s important you check out the qualifications of your bookkeeping candidate. Knowing that they have studied and gained qualifications which are recognised within the finance industry such as with the Institute of Certified Bookkeepers (ICB) just like me, will prove that they are legitimate. Don’t be afraid to ask for proof of certification. You’re leaving your accounts in someone else’s hands so it’s vital that they are trustworthy.
AML (Anti Money Laundering) Supervision
When handling people’s finances it’s critical that their business transactions are legal. Any business who has dealings with the finances of individuals and companies must comply with Anti Money Laundering regulations. We are supervised with ICB in order to conduct our bookkeeping. This means that to work with us you must supply 2 forms of photographic identification and your proof of address in order for us to verify who you are and that the business you run is legal.
Experience
Finding a bookkeeper with the relevant experience is essential to ensure you get the best out of your bookkeeping. It’s all well and good a bookkeeper being qualified but if they don’t have ‘real world’ experience in dealing with the books your business won’t get the knowledge and expertise that it needs in order to grow. Some bookkeepers’ specialise in certain industries or business structure’s so it’s always best to ask the right questions to ensure your bookkeeper is the right fit for you and your business.
Whilst our clients range from engineers and property consultants to caterers, jewellers and charities, we have two main areas that we specialise in.
We can support different types of businesses in different industries, but our expertise lies in working with small, limited companies who are VAT registered, with up to 20 staff, who offer B2B services. Also, if you are a new or growing business, we help you get the right systems and processes in place for managing your finances from the beginning. We support and nurture you through the initial stages and guide you through compliance and regulations. Make sure you choose a bookkeeper who knows your industry and business structure.
Software
We use Xero and Quickbooks for our clients accounting software. Specialising in only 2 accounting systems means that our business and yours is more streamlined and efficient. This software is then complimented with the use of HubDoc and Autoentry to keep track of your expenses. Having a safe place to store them means you no longer need to hoard paperwork or worry that you have misplaced it. These systems then grow with your business so that there’s no need to change providers should your business change in any way.
Digital
All VAT registered and Limited companies must now be complying with Making Tax Digital (MTD). Not only is it the law, but it eliminates human error. It may not be coming into play for Sole Traders earning more than £50,000 until 2026 but it’s advisable to start preparing for it now. Digital bookkeeping ensures your data is accurate and gives you a better insight into the progress of your business. It allows you to make important business decisions much easier because you can get access to your financial position in real time, any time of day from anywhere you have an internet connection. So when looking for a bookkeeper make sure they are MTD compliant.
Personal Relationship
You will be working closely with your bookkeeper so communication is key. You must get along with your bookkeeper and be able to understand how they interpret your data. They need to have an understanding of your dreams and aspirations for your business in order to help you hit your goals. When choosing a bookkeeper you should meet them face to face, even if it’s just over a Zoom call. Trust your instinct when you meet them, you need to have the right vibe.
Data protection
Your bookkeeper will be handling sensitive and confidential information. Have a conversation with them about how they look after your data and ensure there are no data breaches. By law, your bookkeeper must be registered with the ICO. It won’t be frowned upon if you ask them to see their certificate or check the ICO register before deciding on working with them.
Communication
All businesses communicate in various ways. Speak to your potential bookkeeper to find out how they prefer to communicate. It needs to be in a way which suits you and that’s safe and secure. Remember any sensitive data must be saved safely and password protected to ensure it doesn’t fall into the wrong hands.
Now that you’ve got a better understanding of how you should make your choice of bookkeeper, do your research. When you think you have found the right one make sure you check out their testimonials and reviews. This way you know what to expect when you put your accounts in their hands.
Good luck with outsourcing your bookkeeping and remember we’re only a discovery call away.